S.Korea's economy predicted to grow 4.3 pct in 2007

South Korea's economy is predicted to grow 4.3 percent in 2007 due to a global economic slowdown and sluggish consumer spending, the daily Korean Herald said on Wednesday.

According to a report by the state-run think tank of the Korea Development Institute, the country's exports would expand 12 percent in 2007, down about 3 percentage points from this year, while local cosumer spending will rise less than 4 percent.

The report said that the global economy would grow 3.2 percent next year, compared with an estimated 3.9 percent this year.

The weak U.S. dollar and high oil prices will continue to hurt exports, forcing the economy to backpedal next year, the report said.

An earlier government forecast has estimated a 4.6-percent economic growth for the country in 2007.

Source: Xinhua